“Section 8 Housing” is the phrase often used to refer to the Housing Choice Voucher Program, a federal program enacted to help low-income families better integrate into the public housing market. We’ve found that many landlords are hesitant to dive into the world of low-income housing, wary of coming across difficulties with tenants and government bureaucracy. However, in our experience with property management in the Salt Lake area, Section 8 Housing is almost always a great experience for landlords. Below are 4 reasons that you should consider the Housing Choice Voucher Program a little more seriously.
Families on the Housing Choice Voucher Program must follow strict standards of eligibility. Many landlords worry that being a part of this program will give them a more difficult kind of tenant, but the truth is that you’re actually more likely to have a positive experience with your tenants, since anyone on the program has already gone through the Housing Authority’s eligibility requirements, which include a strict zero tolerance policy for illegal activity or drug use. However, it’s essential to remember that you’re still responsible for doing screening and background checks.
Worried about late checks? Well, considering that the payments will actually be coming from the Housing Authority, you’ll usually have a much more reliable stream of revenue through this program than you would otherwise.
Once you’ve been approved through the Housing Choice Voucher Program, you can list your property on their website for free, often opening up your applicant pool to a wide market. Depending on the area in which your property is located and whether your rates match up with the median, this can be a great way to avoid vacancy.
If your worried about the damage that your property could suffer if things go south, consider local programs made to help landlords in this situation. In Salt Lake, the Olene Walker Housing Fund provides aid to landlords of Section 8 Housing, so that landlords are less likely to be deterred by the prospect of entering the Voucher Program.
To learn more about the Housing Choice Voucher Program, contact your local Housing Authority. Below are some shortcuts: